Fortune August 25, 2020
Verily, the Alphabet Inc. life sciences unit that’s previously targeted mosquito-borne illness and launched Covid-19 testing programs, is getting into the health insurance business.
On Tuesday, the San Francisco Bay Area company announced a new subsidiary named Coefficient Insurance that will also be backed by Swiss Re Corporate Solutions, the commercial insurance unit of Swiss Re Group.
The company will sell stop-loss insurance, a type that helps cover unexpectedly large claims against employers who self-fund their health-benefit policies. Generally, these employers set a threshold for how much they choose to pay out based on projected costs, and stop-loss insurance covers the claims when the threshold is surpassed.
Verily hopes that by adding its data-crunching and technological prowess to the equation,...
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